Novelli named General Manager. BoD approves 2014 half-year financial report with €9 billion in new resources mobilized

Rome, 30 July 2014 – Cassa depositi e prestiti Spa (CDP) announces that the Board of Directors, meeting today under the chairmanship of Franco Bassanini, has appointed Andrea Novelli - CDP’s Chief Financial Officer and Manager responsible for preparing corporate financial reports – as new General Manager.

The appointment will enter into effect starting from the designation of CDP’s new Chief Financial Officer and Manager responsible for preparing the corporate financial reports, which will presumably take place within a short period of time.

The Board of Directors also approved CDP Group’s consolidated 2014 half-year financial report. 

Resources mobilised and managed by the parent company, CDP Spa, amounted to €4.5 billion, up €0.5 billion excluding major transactions that characterised the first half of 2013. The performance was driven by an increase in loans to support enterprises, the real estate market, and the infrastructure sector through project financing arrangements.

Financial position:

• Compared with the end of 2013, at 30 June 2014 assets had increased by 9% to €342 billion. The stock of liquidityamounted to about €173 billion, up 17% on the end of 2013. The stock of loans to customers and banks was broadly unchanged at about €103 billion.
• Postal funding expanded slightly (1%) compared with the end of 2013, to about €245 billion. Total funding came to€319 billion, with an increase of 9% compared with the end of the previous year.
• Shareholders’ equity increased by 2% to €18.5 billion.  

Performance:

• Net interest income totalled €714 million, down about 53% on the same period of 2013. The decrease reflects a substantial decline in interest rates and the application of the new mechanism for remunerating the liquidity deposited with the Ministry for the Economy and Finance, provided for under Decree Law 66/2014 (“Spending review”).
• Net income for the period totalled €1,203 million. Despite the developments in net interest income, if non-recurring factors are excluded, net income would be in line with that posted in the first half of 2013.

CDP Group performance and financial position

During the first half of 2014 the Group mobilised and managed about €9 billion in resources. As with the parent company, excluding the major transactions, the figure is broadly in line with that posted for the first half of 2013.

Total assets amounted to €367 billion, an increase of 8% on 2013, while shareholders’ equity pertaining to the shareholders of the parent company totalled €19.5 billion, up 1% on the previous year.

The consolidated half-year financial statements show net income pertaining to the shareholders of the parent company of €964 million, down 31% on the same period of 2013. The contraction is mainly attributable to the developments in the net interest income of the parent company.

The half-year financial report as at 30 June 2014, together with the certification pursuant to article 154-bis, paragraph 5, of the Consolidated Law on Finance and the independent auditor report, will be published on CDP’s website and on the mechanism for the central storage of regulated information, “1Info”, as provided for by the law.

The manager responsible for preparing the corporate financial reports, Andrea Novelli, declares pursuant to paragraph 2 of Article 154-bis of the Consolidated Law on Financial Intermediation that the accounting information contained in this press release corresponds to that in the accounting documentation, books and records.